- Bitcoin gains 5.2% to $101,463 marking the first time in recent weeks that it has crossed the key $100K threshold.
- Short term resistance is $101784 and bulls are trying to confirm the breakout.
- Though the support has weakened, at $95,967, it still acts as a safety net during current volatility.
While the six-figure landmark was briefly retaken by Bitcoin on Wednesday, the asset traded as high as $101,463. After a 5.2% daily rise, the move further supports bullish variables with the traders’ attitude to the possibility of continuation of breakout discussed. As price action closes in on the upper range of the 24 hour range, speculation has been cast over whether BTC can test or surpass its immediate resistance of $101,784.
Price Movement Signals Strong Market Interest
The rally signals a bounce back above the $99,000 level following a consolidation earlier this week. Market players have extrapolated the move as a continuation of wider bullish tendencies however resistance remains tight. The $100K psychological level, a landmark seen by many, is now in light, as investors look on to see if momentum can take BTC decisively over it.
Currently, the BTC’s range from a low of $95,967.46 and somewhat, close to $101,784 is a sign of increased volatility. Analysts have observed such sharp swings as an opportunity to lure short-term traders, while at the same time keeping longer-term investors on the edge, feeling caution until a clear direction gets established.
Bitcoin Holds Strong Support Amid Market Optimism
On the downside, Bitcoin seems to have defined a significant support base at around $95,967. This level has maintained itself throughout the following pullbacks and may provide some cushioning should the current rally run out of momentum.
Any fall below this zone increases the risk of initiating selling pressure that could retest previous levels seen throughout the weekThe strength of this support may also give an indication as to the depth of any future correction. Currently, the market is still optimistic, with numerous buying against selling across multiple exchanges.
Outlook: Critical Test Ahead
At least a clear break above $101,784 will be necessary to confirm ongoing upside so long as momentum remains positive. Price action may consolidate or retrace in current levels, without this kind of confirmation.
Traders are expected to watch volume and broader macro indicators as sentiment alone may not see further gains without a fundamental tailwind; whether BTC can hold pace and above $100,000 is the immediate question to answer heading into the next 24 hours.
